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The Silver That Had Two Jobs

The Silver That Had Two Jobs

In August 1942, Colonel Kenneth Nichols went to the US Treasury to ask if he could borrow 6,000 tons of silver. There was a war on, copper was scarce, and the Manhattan Project needed enormous electrical conductors for the equipment being built at Oak Ridge, Tennessee. Silver would do the job, provided he could get […]
The Debt Behind the Money in Your Wallet

The Debt Behind the Money in Your Wallet

If you have ever taken the time to look at a banknote issued by the Bank of England, you may have noticed that it carries the words “I promise to pay the bearer on demand”… Pay the bearer what, exactly? Twenty pounds for a twenty-pound note? Feels a bit like a circular conversation might be […]
The Fed Hiked. Gold Fell. Now The Real Test Begins.

The Fed Hiked. Gold Fell. Now The Real Test Begins.

Jan Skoyles takes us through Chair Kevin Warsh’s unanimous hike, the Fed dot plot signalling rates above 4% into 2028, PCE inflation at 3.7% with no return to 2% until 2029, the near 3-point gap with the White House 1% target, Treasury yields near 5%, and oil above $100. She maps three paths for bullion: […]
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